Posts Tagged ‘marketing budget’

How to set your marketing budget

Monday, October 5th, 2015

How much should be spent on marketing? While large enterprises have a larger budget available, small businesses are faced with the challenge of how much they should invest in their marketing. But, how to determine this? Well, there is no benchmark as this depends on various factors. How fast do you want to grow? In which industry are you in? What about your competitors? How much do they invest in their marketing?

 

One way to set your marketing budget is by calculating as a percentage of your revenue. But here again – there is no general rule. You want to hold your market share? You will probably spend about 10-15% of your revenue in your marketing. You want to expand or increase your visibility? Start to invest 20% in your marketing measures. Obviously this variant is a bit arbitrary. Your competitors, your industry, the market pressure – there are many factors you have to take into consideration.

 

Another way to set your budget is by determining your marketing goals. You want to acquire new customers? Develop your strategy and adapt your budget to your plan. You are launching a new product or capturing a new market? Adapt your budget and increase your marketing accordingly! However, be realistic about your possibilities.

 

Today’s marketing world offers plenty of possibilities – from website, social media to print ads, direct mail campaigns, etc. And while some of them are more cost effective than others, many measures require a fixed budget to implement them effectively. A long term marketing plan, should not be perceived as an expense, but more as an investment.

 

Reframe Marketing 2013 Fall Tidbits Newsletter

Friday, September 27th, 2013

If you haven’t signed up for our e-newsletter, you are missing out on tips and advice on how to improve your marketing accountability, event details on our exhibiting at Vancity Credit Union and Reframe Marketing’s end of summer promotion!

 

View and subscribe to the newsletter here: http://eepurl.com/F2rxD

Re-Evaluating your Marketing Strategy After a Recession

Tuesday, March 2nd, 2010

The recent economic recession shook up a lot of businesses all around the world. Some businesses had to shut down, some had to restructure, some had to quickly re-adjust what they were doing to survive.

They always say, we learn from our mistakes. Businesses need to keep in mind that all things that go up will eventually go down at some point, but by how much is always a good question. After this recession many businesses will bring in a Marketing Consultant to review their Marketing Budget and provide feedback on how they stack up, integrate marketing accountability into marketing programs, and develop a strategic marketing plan that accounts for recessionary times as to what the business will do.

The thing that frustrates Marketing Consultants most is businesses that spend a ton of money on marketing services like advertising and promotions. However, they then complain that they had lousy results and bring in a Marketing Consultant to fix it. At that point it’s too late, the money has already been spent. Businesses should learn to be more proactive and bring in the experts earlier on in the process, rather than during a crisis when the business could be at a point of no return. Next time you think about marketing, get some advice from a marketing expert on what would get you the most bang for the buck before you have nothing left to spend.